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<br />K MART 13907 - GRAND ISLAND, NEBRASKA
<br />90--406923
<br />THIS MEMORANDUM OP LEASE dated this IL day of
<br />,19 JO , between Park Investments, Limited, a
<br />Louisiana Limited Partnership having its principal office at
<br />650 Poydras Street, Suite 2400, New Orleans, Louisiana, 70130
<br />(herein referred to as "Landlord"), and K MART CORPORATION, at
<br />Michigan Corporation having its principal office at 3100 West
<br />Big Beaver Road, Troy, Michigan 48084 (herein referred to as
<br />"Tenant ").
<br />WITNESSETH: That for and in consideration of the sins of
<br />One Dollar ($1.00) and other good and valuable considerations
<br />and the further consideration of the cents reserved and the
<br />covenants and conditions more particularly set forth in a
<br />certain lease between Landlord and Tenant and bearing even date
<br />herewith, Landlord and Tenant do hereby covenant, promise and
<br />agree as follows:
<br />1. Landlord does demise unto Tenant and Tenant does take
<br />from Landlord for the term hereinafter provided, and any
<br />extension thereof, the following property: Tenant's completed
<br />building (designated K mart), together with site improvements
<br />to be constructed as specified in said lease by Landlord at its
<br />expense on the land described in Exhibit "A" Parcel "A' (K mart
<br />demised area) and depicted on exhibit "n” attached hereto and
<br />made a part hereof, and situated in the City of Grand island,
<br />County of Hall, State of Nebraskat said building to be in the
<br />locations and of the dimensions depicted on said Exhibit "B".
<br />Landlord hereby gives and grants unto Tenant, in common
<br />with others entitled thereto, including Tenant's agents,
<br />employees, customers, licensees and invitees the following
<br />licenses, rights, privileges and easements: the use of parking
<br />areas, common areas (including restrooms and other facilities,
<br />if any), roadways, sidewalks and accessways to public streets
<br />and highways indicated on said Exhibit "B", together with the
<br />use of any delivery or servicing areas adjoining Tenant's said
<br />building or designated as such on Exhibit "B", which areas
<br />shall be adequate for the passage, unloading and, if necessary,
<br />turning around of trailer trucks and other commercial vehicles.
<br />Said land, completed building and site improvements,
<br />together with the licenses, rights, privileges and easements
<br />herein set forth, shall be hereinafter collectively referred to
<br />as the "demised premises ".
<br />2. The lease term shall commence upon the date of
<br />occupancy by Tenant of said buildings, and shall terminate upon
<br />such date as shall be Twenty Pive (25) years from the last day
<br />of the month in which said date of occupancy by Tenant shall
<br />occur= provided, however, Tenant shall have the option to
<br />extend the lease term for ten (10) successive periods of five
<br />(5) additional years each.
<br />3. Landlord covenants, during the period commencing with
<br />the date of execution of the aforesaid tease and ending upon
<br />the last day of the lease term and any extension or renewal
<br />thereof, that it wilt nnt erect or con4truct any buildings or
<br />other structures upon 1•3nrt i-9cribeci iii FKhii-ir. q rai .ei
<br />(Landlord area), except as shown on Exhibit "B ": provided,
<br />however, in the event that the date of occupancy by Tenant of
<br />the demised premises shall not occur prior to such date as
<br />shall be seven (7) years from the date of the aforesaid lease,
<br />then the restriction imposed by this Article shall cease and
<br />determine and shall be of no further force of effect.
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